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LUBRIZOL TO TAKE THIRD QUARTER CHARGE

 CLEVELAND, Oct. 4 /PRNewswire/ -- The Lubrizol Corporation (NYSE: LZ) announced that it will record a special pretax charge of $86 million in connection with its organizational realignment and manufacturing rationalization initiatives. The benefit of these initiatives will result in annual cost savings which are estimated to grow to $50 million per year by 1996. The organizational realignment will be complete by year-end and will consolidate Lubrizol's present business unit structure into one company operating with fewer people. Manufacturing rationalization will occur in steps over a two- to three- year period and will result in a reduction by one third in the number of Lubrizol's individual component production units worldwide. These actions are being taken to improve manufacturing efficiencies and blending and delivery capabilities without sacrificing customer service.
 Separately, Lubrizol also announced that it repurchased 512,000 shares of its common stock during the third quarter and sold 500,000 shares of its holdings in Genentech common stock during the same period. The company will release its third quarter results on Oct. 25, 1993.
 The Lubrizol Corporation is a full-service supplier of performance chemicals for lubricants and fuels to customers worldwide.
 -0- 10/4/93
 /CONTACT: K. H. Hopping of Lubrizol, 216-943-4200, Ext. 5253/
 (LZ)


CO: Lubrizol Corporation ST: Ohio IN: CHM SU: ACC

KL -- CL013 -- 8176 10/04/93 08:52 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
Words:222
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